Intelligent insurance distribution platform Thinksurance has collected ?13m in its Series B round from Eight Road Ventures.
The capital will be used to double its workforce by the end of next year to help expand its existing platform. Growth plans for the platform will focus on bringing higher functionality and value, new solutions to improve data analysis, portfolio transfers and after-sales processes.
Furthermore, the InsurTech is planning to accelerate its international expansion.
Thinksurance is a digital commercial insurance distribution platform which helps brokers, broker pools / networks, insurers, agencies and banks handle the insurance sales process online. Its technology supports the entire value chain from risk analysis through to insurance policy.
Thinksurance CEO and co-founder Florian Brokamp said, “We look forward to working with Eight Roads Ventures, which not only trust our business model, but also sound knowledge of Insurance industry. In recent years, Thinksurance has made us a profitable business model established that shapes the digitization of insurance distribution. As a foreign investor Eight brings Roads Ventures has a strong global network and an impressive track record as a growth partner.
?This enables us to implement our plans in the domestic market as well as internationally even better and faster, while we continue to be independent at the management level. “
In conjunction with the investment round, Eight Road Ventures principal Lucile Cornet will join the Thinksurance advisory board.
FinTech Global data shows Germany has established a strong InsurTech sector. Between 2014 and H1 2019, 13% of the total 149 FinTech investment deals to be completed in the country were in the InsurTech sector. This makes it the fourth largest segment, falling behind WealthTech, marketplace lending, and infrastructure and enterprise software.
Compared to the rest of Europe, Germany InsurTech sector is a little above the average. In the same period, there have been a total of 3,171 FinTech deals across Europe, with only 9.2% of these being InsurTech businesses.
